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Coffee home - Coffee news - Gold regains some sparkle, coffee weak

Gold regains some sparkle, coffee weak



Gold regains some sparkle, coffee weak
Commodities from gold to grains were up a second straight day on Wednesday as investor confidence recovered from recent selling, but coffee remained weak, revisiting nine-month lows.

Gold saw its highest gain in eight days -- nearing the previous watermark of $600 an ounce -- while copper advanced modestly on thin volume. Wheat, corn and soybeans rose on weather woes.

But coffee bucked the trend, touching a new low since September 2005, as fund selling continued.

Oil returned to above $70 a barrel as U.S. gasoline stocks failed to meet expectations, fueling fresh worries about supply.

The Reuters/Jefferies CRB Index .CRB>, which tracks 19 commodity futures from livestock to metals, energy, cotton, coffee, grains and frozen concentrated orange juice, ended up 1.10 percent at 336.75.

The Goldman Sachs Reduced Energy Index GSCD> posted a positive return of 1.25 points on the day.

Arabica coffee futures fell just under 1 percent on a late bout of fund selling.

Active coffee for September KCU6> on the New York Board of Trade dipped 0.75 cent to settle at 96.70 cents a lb, the lowest since September 19, 2005, and near the intraday bottom of 96.60 cents.

Traders put key support for the contract at 96.25 cents, citing benign weather for coffee and ample output lately as reasons for the bearish forecast. Any move below that would put coffee at its weakest price since November 2004.
 
Reuters




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